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Inflation and an addiction to debt characterize the U.S. economy, but a debt-based financial system is incompatible with a truly competitive economy. Yet our system exists by choice, not the dictates of immutable economic laws; and it is leading the U.S. to financial collapse.
The author highlights essentially ignored inequities and fallacies inherent in major aspects of our economy and of economic theory. The text explains how the system is skewed to big government and a dominant financial sector and undermining our standard of living.
Policies directed at avoiding deflation have yielded income and wealth redistribution and inequities; inflation; inordinate growth in government, the financial sector, money supply, and debt; currency debasement; fragility in the financial system; loss of international competitiveness; and distortions in interest rates, currency ratios, trade, labor and product pricing, and asset valuations. Whether through currency depreciation, unjust wage and price increases, the absence of real income gains for all through maximum price reductions from efficiency and technology gains, or other means, the unblessed are relatively impoverished by the wealth redistribution of the system courtesy of the distributional coalitions, big government, and the financial sector.
The author provides a critical look at fundamental economic theory and practice in a nonmathematical, common sense presentation. He offers a new, insightful challenge to aspects of Keynesian and monetarist theories.
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James L. Jennings has a graduate degree in Economics. He has served as an auditor for the Internal Revenue Service, a research economist with a regional planning authority, and a director of planning and evaluation and later as executive director with a regional manpower training and employment agency. In this book he combines his educational training and real-life experience to show that the debt-based American economy is not compatible with American values. He resides in Virginia.
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Book Description Algora Publishing, 2012. Condition: New. book. Seller Inventory # M087586919X